When selling a property in Miami, there are some disclosures that you should be aware of that you will need to review, complete and sign. This article is to help you become knowledgeable about the forms you're may to sign during the process of selling your Miami property.
In this article:
Wire Fraud
Lead paint
Seller disclosure
Condo Rider
When to expect these disclosures
Wire Fraud Disclosure
One of the first disclosures your real estate agent should send you is the Wire Fraud disclosure when listing your property.
Wire Fraud is widespread, and buyers and sellers need to be aware of its possibility during their transactions. In short, scammers target the emails of those involved in a real estate transaction and send convincing wire instruction emails, and may even call.
You can learn more about wire fraud by checking out how to avoid wire fraud when buying or selling your home.
Lead Paint Disclosure
If you're selling a property built before 1978, you are required to disclose any presence of lead-based paint or hazards. This disclosure will ask you to tell the following:
Whether you have knowledge or no knowledge of lead-based paint hazards in the property
If you have reports or records of lead-based paint hazards or not, and if so, if you've presented these documents to the buyer
The buyer of your property, along with the agents involved, will also sign this disclosure.
Check out this lead info pamphlet.
Seller Disclosure
Florida law [Johnson v Davis. 480 So.2D 6525 (Fla. 1985)] requires a seller of a property to disclose to the buyer anything that affects the value of the property and isn't easily observable by the buyer. This disclosure covers the following information:
Structures, systems, and appliances
Termites and other wood-destroying pests
Water intrusion, plumbing, and flood insurance
Fire protection, improvements, and alterations
Hazardous substances
Limited common elements
The association
Foreign Investment in Real Property Tax Act
Completing this disclosure is the seller acknowledging that the information provided is accurate and finished to the best of the seller's knowledge.
Condo Rider - Comprehensive Rider to the Residential Contract For Sale and Purchase
The Condo Rider goes over some essential points in regards to the condo building and its association. It covers the following:
Approval information
Right of first refusal
Fees, assessments, prorations, litigation
Sprinkler system retrofit
Non-Developer Disclosure
Buyer's request for documents
Buyer's receipt of documents
Common elements; parking
Inspections and repairs
Governance form
When you can expect to receive these disclosures
Some real estate agents may have you sign some or all of these disclosures after a purchase has been signed. I ask that my seller clients review, complete, and sign these disclosures upfront before going to market. It helps to have these disclosures readily available for prospective buyers to review upon asking, and it may help us uncover any potential setbacks before going under contract.
Conclusion
These disclosures are to disclose the possibility of fraud and to disclose information to the buyer about your property. It's important to be knowledgeable about these documents before completing them and signing.